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The total value of the U.S. housing market is now 49% higher than the level at February 2020, the period before the start of the Covid-19 pandemic.

According to data from Zillow Group (NASDAQ:Z, ZG), the housing market’s total value is slightly less than $52 trillion, which is $1.1 trillion higher than the previous peak reached last June. While California’s $10 trillion of value leads the nation – it is nearly 20% of the national total – four of the six markets where housing has gained the most value since the start of the pandemic are in Florida: Tampa (+88.9%), Miami (+86.6%), Jacksonville (+82.4%) and Orlando (+72.3%). I

“A steady flow of new homes hit the market this spring and summer, helping chip away at the deep inventory deficit and boosting the total value of the market,” said Orphe Divounguy, Zillow senior economist. “Despite the presence of higher mortgage rates, which deterred some home shoppers and kept many existing homeowners on the sidelines, enough buyers remained to keep the market moving. Builders recognized the unmet demand and responded by starting more projects. New home sales rose this year while existing home sales fell, and should make up a bigger piece of the home sales pie for as long as rates remain elevated.”